The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-03-26
BROOKLYN FAILURE.
An Extensive Agricultural Implement Con
cern Goes Under.

NAA A>~$e"bAso Hb'iCultur1ti lnlpioment Con.
Germ Goes Under.
NEW YoRE, March 25.-The Edmiston &
Waddell Company, OF Brooklyn, manu-.
facturers OF agricultural implements, has
failed, with liabilities Of 5000 900 and no
assets to speak Of. The president OF the
company, John Il. Elmiston, has skipped
to Canada. and the other officers cannot
be found. Everything has vanished. The
walls, tho ceiling and the floor only re.
main at the Offices OF the company in
Brooklyn. The stock has been gobbled by
tho largest creditor, whose agent was
shrewd enough to save everything posi-.
BILE from tho wreck. The books are out
OF eight. The business of the company ia
largely held by four New York bsnkn, and
held very cheap. The creditors-poor fel.
lows--fnd the mir chilly, very chilly.
The story OF the failure OF tho Elmiston
u Waddell Company is the old ono, with
few varieties. There were the two part.
ners whoae names appear in the firm
name, and the tather.in-law Of Mr., I'd.
miston, who acted as head bookkeeper,
bad some stock, was trustee and put bis
name to notes. For these privileges he
has paid his fortune, $4,000, and returned
to Rockwell, III. The partners were ener.
getic, handled all the goods they could get
out OF the manufacturers, were visionary,
perhaps, and saw big things. They sold
to the email country dealers and directly
to tho farmers. They gave long time and
took notes in payment. The firm would
pay tor goods in notes and discount them
at the banks, putting up other paper az
collateral. Collections were slow, they
got plnched again and again, and somc
charged thet they were driven to make
ialse statements Of liabilitiea and assets to
get further credit. About three months
ago they were tightly cramped. They
stated their case to their creditors, and
were given an extension OF time. 1J
The Emerson 4 Fisher Company, OF Gin
clnnatl, o., manufacturers OF carriages
&C.. has bill Of about s2S 600 against she
tirm. President Edmiston offered to show
them the books and stook, and said that
II TINT WAS not satisfactory to assign the
hu9ineRa to them and run It as their agent
till the debt WAS paid. The Cincinnati
company sent on Mr.. Richie three weeks
ago to take caro- of the matter. He is a
shrewd, sharp businesa man, and saw at
once that only the shell OF the business re-
mained. He had some telling interviews,
got the stock in trade transferred to his
company and proceeded to save wreckaye.
He sold what he could, shipped other
stock TO Cincinnati and pretty much can.
celed the indebtness. 3e,s5 ~ 4
The two partners, MeHsrs. Edmiston and
Waddell, had month before becun to
clear the decks. They had broken uu
their homes where they had lived in q
modest, fitting way, Aot ex:ravasantly,
.! ana 4! sent their families away. Now, an.
tic'patipg something would dIn With
i9rce, they also went away, and hsve ain.
The American Exchange Bank and tba
Bsnk Of Commerce hold a. good deal Of
the paper, on which they hope to reslize
something, and other banks have come
also. Their losses will DO hardly less thau
$4,000 to $4,000 apiece.